Listen to this articleWealthspire Advisors, a $25.9 billion advisory firm headquartered in New York City and whose locations include Melville, has launched Wealthspire Trust, chartered in Tennessee, where experts say the trust laws are favorable.
Wealthspire Advisors, which is owned by global insurance brokerage NFP, is now offering personal trust administration services.
“Establishing our Tennessee-based trust company with a fully integrated technology platform sets us apart at a time when high-net-worth families expect more from their wealth management firm,” Wealthspire Trust’s president Jonathan Connolly said in a news release about the firm’s launch.
In Tennessee, differentiated trust company regulations, according to published reports, support perpetual trusts, directed trusts, asset protection trusts, community property trusts, as well as flexible administration techniques such as implementing uni-trust provisions or modifications through non-judicial settlement agreements.
“The launch of our trust company further demonstrates our commitment to expanding our family office services, ensuring we best serve our multigenerational families’ complex needs,” Mike LaMena, Wealthspire Advisors CEO, said in the news release.
Connolly brings expertise honed in previous leadership roles at UBS AG, Comerica Bank and Trust and RBC Wealth Management.
“As we set out to build the trust company of the future, we know clients expect real-time access to their information and answers to their questions because multigenerational trusts are complex,” Connolly said. “To further enhance our client-centric service model, we are staffed to provide a highly responsive trustee experience with accessibility across our firm.”
The Tennessee location was carefully selected, according to Heather Flanagan, the chair of the Wealthspire Trust board.
“As we continued to evolve our services, we searched for a favorable jurisdiction for our trust company, and that’s Tennessee,” she said in the news release.
“In support of our advisory teams and clients, we have cultivated a team of Wealth Strategy professionals who specialize in estate planning, wealth transfer and taxation,” Flanagan said. “The combination of this expertise, together with Wealthspire Trust’s talented team, innovative technology and Tennessee charter, uniquely positions us in a competitive industry.”